HOMEOWNER'S INSURANCE
Whether you own or rent your home, apartment, or condo or enjoy a seasonal home, we have the right coverage for you
HOMEOWNER'S INSURANCE
Homeowner's Policy Information
Whether you own or rent, insuring the place you call home can help replace any of your personal property and protect you financially if you suffer a loss due to fire, theft, vandalism, or other covered events. It will also cover you in the event someone is injured while on your property and wins a legal judgment against you.
The first step is understanding your homeowner insurance, use the information to familiarize yourself with how your insurance policy works, and when you're ready, give us some information to get a quote personalized to your current life situation.
|
Additional information, to find out how these benefit you, contact us today!
| ||||||
How does Home Insurance Protect You?
|
Dwelling / Property Damage
There are many risks associated with owning a home. Fires, tree damage, pipes bursting, hail and other events. When your home suffers damage due to an unexpected event, your Property Damage coverage will cover the repairs necessary. In the event of total home destruction. Our recommendation is to have Guaranteed Replacement Cost coverage. |
|
Guaranteed Replacement Cost
Inflation rates on building materials and construction costs rarely track with real estate values. As a result, rebuilding a home can often cost significantly more than expected. Guaranteed Replacement Cost protects you if the cost to reconstruct your home is higher than your current limit of coverage. Also be sure that your insurance includes rebuilding your home to code. Very often, local ordinances and building codes change over time, which may require additional costs
Personal Property
Furniture, appliances, clothing, electronics and other personal items can also be damaged or destroyed, so your homeowners insurance policy typically covers Personal Property, including the contents of your home and other personal items owned by you or family members who live with you. Make sure your homeowners policy includes Replacement Cost Coverage for personal property so that you always receive the full cost to replace whatever item is damaged.
Secondary Home
Owning a secondary home has the potential of increasing your liability exposures, so be certain that you extend the liability coverage under your homeowners policy to include your secondary home. You should also consider including the secondary home under an excess liability or umbrella policy to provide for additional liability limits.
Inflation rates on building materials and construction costs rarely track with real estate values. As a result, rebuilding a home can often cost significantly more than expected. Guaranteed Replacement Cost protects you if the cost to reconstruct your home is higher than your current limit of coverage. Also be sure that your insurance includes rebuilding your home to code. Very often, local ordinances and building codes change over time, which may require additional costs
Personal Property
Furniture, appliances, clothing, electronics and other personal items can also be damaged or destroyed, so your homeowners insurance policy typically covers Personal Property, including the contents of your home and other personal items owned by you or family members who live with you. Make sure your homeowners policy includes Replacement Cost Coverage for personal property so that you always receive the full cost to replace whatever item is damaged.
Secondary Home
Owning a secondary home has the potential of increasing your liability exposures, so be certain that you extend the liability coverage under your homeowners policy to include your secondary home. You should also consider including the secondary home under an excess liability or umbrella policy to provide for additional liability limits.
|
Personal Liability
In the unfortunate event that someone slips and falls while on your property, you and your family may be held liable for any injuries that result. Your homeowners policy includes Personal Liability coverage to respond to incidents where injuries or damages occur to a third party where you may be deemed negligent. However, you should consider purchasing a personal umbrella or excess liability policy to provide additional coverage limits to protect your assets in case a lawsuit is brought against you. |
|
Personal Injury
Young people are usually very active online. However, using social media and other sites can increase the possibility of them directly or indirectly damaging someone's reputation and exposing you, the parent, to a lawsuit. Your homeowners insurance policy includes liability coverage for property damage caused by any member in the family, but it may not cover rumors or statements that damage a reputation. You need to add an endorsement to your policy to expand coverage to include liability protection that covers personal injury.
Medical Expenses
If a guest is injured while on your property, even when it’s due to a friendly game of baseball, you may be required to pay any medical expenses associated with their injury. Your homeowners policy should include Medical Expenses coverage to take care of injuries and treatment - generally not of a serious nature. In the event a person is injured on your property and requires medical attention, you would be able to submit the injury-related medical expenses to your insurance carrier. Medical Expenses are usually paid without a liability claim being filed against you.
Umbrella / Excess Liability Coverage
You invite guests over for a barbecue pool party and one of your guests dives into the shallow end of the pool and is permanently injured. They hire a lawyer to represent them and after a long legal battle, you and your family are left financially responsible for their injuries. Do you have enough money in savings to cover your legal responsibilities as well as the legal defense costs? An Umbrella or Excess Liability Policy increases your personal liability limits by adding protection over and above your current auto, boat or homeowners policies - providing real financial value, as well as priceless peace of mind. Excess Liability Insurance is available either by an endorsement to your homeowners policy or available as separate coverage.
Young people are usually very active online. However, using social media and other sites can increase the possibility of them directly or indirectly damaging someone's reputation and exposing you, the parent, to a lawsuit. Your homeowners insurance policy includes liability coverage for property damage caused by any member in the family, but it may not cover rumors or statements that damage a reputation. You need to add an endorsement to your policy to expand coverage to include liability protection that covers personal injury.
Medical Expenses
If a guest is injured while on your property, even when it’s due to a friendly game of baseball, you may be required to pay any medical expenses associated with their injury. Your homeowners policy should include Medical Expenses coverage to take care of injuries and treatment - generally not of a serious nature. In the event a person is injured on your property and requires medical attention, you would be able to submit the injury-related medical expenses to your insurance carrier. Medical Expenses are usually paid without a liability claim being filed against you.
Umbrella / Excess Liability Coverage
You invite guests over for a barbecue pool party and one of your guests dives into the shallow end of the pool and is permanently injured. They hire a lawyer to represent them and after a long legal battle, you and your family are left financially responsible for their injuries. Do you have enough money in savings to cover your legal responsibilities as well as the legal defense costs? An Umbrella or Excess Liability Policy increases your personal liability limits by adding protection over and above your current auto, boat or homeowners policies - providing real financial value, as well as priceless peace of mind. Excess Liability Insurance is available either by an endorsement to your homeowners policy or available as separate coverage.
|
Water Backup
Most homeowners policies exclude coverage for water back-up damages as a result of a clogged drain, sewer or sump pump. Water back-up coverage can be added to most insurance policies. Consider adding it so that you have the coverage you need in the event of damages caused by a clogged drain, sewer, sump pump and related risks. |
|
Flood
Flooding can occur whether you live near a body of water or not. With the changing weather patterns and more damaging storms occurring around the globe, flood losses are becoming more common in places that are not normally prone to flood damage. Your homeowners policy does not cover damage from flood. Purchase a flood insurance policy to protect your home and covered contents from certain types of flood losses as designated by the National Flood Insurance Program. Contact Baker Insurance today to go over your flood coverage.
Flooding can occur whether you live near a body of water or not. With the changing weather patterns and more damaging storms occurring around the globe, flood losses are becoming more common in places that are not normally prone to flood damage. Your homeowners policy does not cover damage from flood. Purchase a flood insurance policy to protect your home and covered contents from certain types of flood losses as designated by the National Flood Insurance Program. Contact Baker Insurance today to go over your flood coverage.
|
Jewelry and Fine Arts Coverage
If your diamond ring disappears or valuable artwork is stolen, your standard homeowners policy may not compensate you for the loss. Homeowners policies include coverage for your belongings and personal property, but some special items like jewelry, furs, silverware, antiques, collectibles and other valuables have limited or no coverage and need to be insured separately. |
|
Valuable Possessions Insurance
Covers personal property that may have unique value, cannot be replaced like regular personal property or is subject to special types of losses such as breakage or mysterious disappearance. For most valuable possession categories, there is no deductible applied at time of loss. Valuable possessions insurance can be added to your homeowners policy or may be written as a separate policy.
Wine Collection
Connoisseurs of wine know that it is susceptible to outside environmental exposures that can ruin it. If the collection is damaged, coverage from your homeowners policy is a possible recourse. However, the damage is only insurable if it is a covered cause of loss as outlined in your homeowners policy. A deductible would also apply. If you have a sizable wine collection, you may want to consider scheduling the collection on your homeowners policy. Doing so expands your coverage and eliminates the deductible in case of a loss. You can also consider unique coverages for wine, such as for spoilage.
Off-Premises Theft Coverage
Surprisingly, standard auto insurance does not cover personal property or contents stolen from your car, however most homeowners policies offer an option to include off-premises theft coverage as an endorsement, which covers you for theft of your personal property away from your residence.
Miscellaneous Coverage
Trampolines are fun there is no doubt, but they can also be accompanied by serious risks, which may not be covered under your standard homeowners insurance policy since coverage varies from state to state and between insurance companies. You should make sure your homeowners insurance policy covers your trampoline, as many insurance providers refuse to take on trampoline liability and exclude the item from coverage.
Covers personal property that may have unique value, cannot be replaced like regular personal property or is subject to special types of losses such as breakage or mysterious disappearance. For most valuable possession categories, there is no deductible applied at time of loss. Valuable possessions insurance can be added to your homeowners policy or may be written as a separate policy.
Wine Collection
Connoisseurs of wine know that it is susceptible to outside environmental exposures that can ruin it. If the collection is damaged, coverage from your homeowners policy is a possible recourse. However, the damage is only insurable if it is a covered cause of loss as outlined in your homeowners policy. A deductible would also apply. If you have a sizable wine collection, you may want to consider scheduling the collection on your homeowners policy. Doing so expands your coverage and eliminates the deductible in case of a loss. You can also consider unique coverages for wine, such as for spoilage.
Off-Premises Theft Coverage
Surprisingly, standard auto insurance does not cover personal property or contents stolen from your car, however most homeowners policies offer an option to include off-premises theft coverage as an endorsement, which covers you for theft of your personal property away from your residence.
Miscellaneous Coverage
Trampolines are fun there is no doubt, but they can also be accompanied by serious risks, which may not be covered under your standard homeowners insurance policy since coverage varies from state to state and between insurance companies. You should make sure your homeowners insurance policy covers your trampoline, as many insurance providers refuse to take on trampoline liability and exclude the item from coverage.
Note: Actual policies must be consulted for specific terms and conditions.
Erie Secure Policy Information
To get started call us at (724) 335-6100 or click here
